Kitco data shows that at 4:30 p.m. this afternoon (February 26) Vietnam time, spot gold prices on the world market suddenly regained the price of 1,653.2 USD/ounce lost the previous day. Thus, compared to the closing price of the previous day at 1,634.6 USD, the world gold price is quickly regaining the increase of 18.6 USD per ounce after just a few hours.
This is a surprising change because on the previous day, gold prices continuously lost positive price points while falling from the highest level of 1,688 USD/ounce on February 24 to only 1,659 USD at the end of the day, then continued to fall straight to the bottom of 1,634.6 USD/ounce on February 25.
Gold prices have increased too quickly in recent days due to concerns about the impact of the COVID-19 virus epidemic on the global supply chain as well as the world economy in general. However, world gold prices also quickly decreased on February 25 due to investors taking profits from a large amount of gold they had bought before.
However, as the impact of profit-taking trends has passed, concerns about the COVID-19 virus on the global economy are present and are causing gold prices to increase again. Peter Grosskopf - CEO of Sprott Inc sees what the COVID-19 virus is causing as a shock to the economy but a factor that gold prices are waiting for.
According to Peter Grosskopf, the analysis charts are pointing gold to the target range of 1,800 - 2,000 USD/ounce easily and in the roadmap towards this price range there will be a slight short-term correction but nothing big.
The recovery of more than 18.6 USD in world gold prices appeared at the time when the domestic market was preparing to end this afternoon's trading session, so it is likely that tomorrow (February 27), gold prices in the domestic market will have strong adjustments.
The imbalance in trading time zones is also a factor that causes domestic gold prices to increase or decrease sharply overnight. Compared to the highest price set on the evening of February 24 at 39.03 million VND/tael, the SJC gold price sold this afternoon (46.95 million VND/tael) decreased by 2.08 million VND/tael.
